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DynaVox Inc (NASDAQ: DVOX) Investor Securities Class Action Lawsuit 10/14/2010

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Lawsuit Overview

Case Dismissed
Company
DynaVox, Inc.
Security
NASDAQ: DVOX

Case Name
DynaVox Shareholder Class Action Lawsuit 10/14/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Western District of Pennsylvania

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 18, 2011 - The lead plaintiff filed a notice of voluntary dismissal.
December 20, 2010 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 13, 2010 - A lead plaintiff motion was filed.

October 14, 2010 - An investor in shares of DynaVox Inc (NASDAQ: DVOX) filed a lawsuit in the U.S. District Court for the Western District of Pennsylvania against DynaVox Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in connection with its April 21, 2010 initial public offering.

According to the complaint the plaintiff alleges that DynaVox Inc and certain of its executive officers, among others, violated federal securities laws by issuing materially false and misleading statements concerning DynaVox Inc’s business, operations and financial prospects. The 12 month revenue from DynaVox Inc, which launched an IPO this April, went from $66.16million reported on June 29, 2007 to $114.30million reported on July 02, 2010. Its Net Income went over the same period from $4.90million to $10.10million. On August 25, 2010, the maker of communication and education products for those with language and learning disabilities, had forecast 2011 adjusted earnings of 56 to 62 cents a share, before items, on sales growth of 14 to 17 percent. But then on September 30, 2010, DynaVox Inc issued a press release commenting on DynaVox Inc’s first quarter fiscal 2011 results and disclosed that “the Company experienced a softening of demand for both its speech generating devices and software products. As a result, operating results for the fiscal first quarter will not be consistent with historical performance or indicative of what management believes to be the Company’s long-term future operating potential.” As a result, DynaVox Inc announced, it would withdraw its previously issued earnings guidance for fiscal year 2011. A subsequent article published by TheStreet.com noted the weakness in DynaVox is striking given the company just went public in late April, selling upwards of 9 million shares at $15 each. The stock is now down 65% off a high of $19.20 on June 16. Shares of DynaVox Inc (NADSAQ: DVOX) traded recently at $5.60 per share.